Posted 7 years ago on Dec. 11, 2011, 10:25 p.m. EST by stephenadler
This content is user submitted and not an official statement
The NYTimes has a great piece (above) about how Corzine had his hands deep in the trading bets of MF Global. This is a perfect example of how financial executives go to Vegas with other peoples money. It's all about placing bets on this market, or that market. And they don't even bother to call it investments any more, in Corzine's case it was a BET on junk European sovereign debt.
There is something called gambling addiction. And reading through the NYTimes article, it's clear that Corzine was addicted to the adrenaline rush one gets when you bet money. Of course his adrenaline rush is more like smoking crack, when he pushes out 6.5 Billion dollars in borrowed money in order to buy up junk bonds.
This kind of risk taking has to be reigned in. Especially in institutions which have access to other peoples money. (AKA innocent by standers) There is nothing which is inovative about this kind of gambling. It doesn't create jobs, it doesn't bring a new product to market, it's not making our life easier, or bringing down the hours needed to manufacture anything. It's only one thing, gambling.
I hope to god that this occupy wall street can do something to bring this kind of gambling activity to a halt. Or at least put it in quarantine, so that if big spenders like Corzine loose all their money on some bets gone bad, they don't tank our economy with them.